Minister of Commerce and Industry and Chairman of the Board of Directors H E Sheikh Mohamed Bin Hamad Bin Qassim Al Thani with officials of Masraf Al Rayan at the AGM.
Doha: Masraf Al Rayan Q.P.S.C. (“MAR” and/or “Bank”) held the Annual General Meeting (“AGM”) of Shareholders yesterday.
At the AGM, the shareholders endorsed the financial statements for the fiscal year ended at 31 December 2023 that reflect a Net Profit after Tax of QR1344m.
Minister of Commerce and Industry and Chairman of the Board of Directors H E Sheikh Mohamed bin Hamad bin Qassim Al Thani presented the report on the Bank’s activities and financial position for the year ended 31 December 2022 and future plans.
Commenting on the 2022 activities, His Excellency said: “2022 was a turning point for MAR subsequent to the merger. We successfully completed the operational integration which helps to drive agility across the business and improve our service offering to our valued clients. We have also launched Sustainable Finance Framework – Qatar’s first Shari’a compliant green deposit and Islamic sustainable financing framework. Moreover, we have increased our Foreign Ownership Limit (FOL) to 100 percent, which will assist to boost the bank’s weight in major indices.”
On future plans, His Excellency added: “We intend to fully embrace all the tenets of Environmental, Social, and Governance (ESG), recognizing that its associated opportunities and risks are becoming increasing important to financial institutions and the industry at large. MAR is fully committed to making a positive contribution to society, minimizing its environmental impact in line with Qatar’s national climate change action plan aspirations, and to facilitating and promoting sustainable green financing. We will take our rightful role in leading Qatar’s banking sector in the digital economy era embracing all technology advancements to bring to market the very best of Fintech products for customer convenience and service excellence. We will also continue our efforts to develop Qatar’s human resource potential and contribute to creating a knowledge-based economy to ensure our national talents are empowered to be tomorrow’s successful industry leaders, role models and responsible and committed citizens. We will simultaneously nurture our close, and expanding, relationships and have our eyes firmly focused on attaining the status of being the Islamic bank of choice to support Qatar’s national vision ambitions.” During the meeting, MAR shareholders reviewed and endorsed the respective reports of the Sharia Supervisory Board and the External Auditors on the Bank’s accounts for year 2022.
